China’s Antimony Exports Surge in August Ahead of New Export Limits
China’s shipments of antimony products saw a sharp increase in August 2024, driven by international concerns over Beijing’s upcoming export restrictions on the critical mineral. Antimony, used in various applications from fire retardants to military equipment, has become the focus of a rush in stockpiling abroad. The export restrictions, set to take effect on September 15, are part of China’s ongoing strategy to control shipments of key minerals.
According to customs data released on Friday, China exported 4,075 metric tons of antimony-related products in August, marking a 12% increase from July. This surge follows a period of declining exports, with July posting a 4% drop for the second consecutive month. The United States was the top buyer, accounting for 29% of August’s shipments, followed by Vietnam and Japan with 14% and 10%, respectively.
China, which accounts for 48% of the world’s antimony production, announced last month that exporters would need to obtain licenses for antimony products due to their dual-use nature in both military and civilian applications. This requirement is expected to delay shipments, with licenses typically taking two to three months to secure.
The rush to stockpile antimony before the export restrictions led to a sharp rise in prices. The price of antimony ingots jumped by nearly 20% between August 15 and September 18, reaching $25,250 per metric ton, according to Shanghai Metals Market (SMM) data.
Despite the month-over-month increase, August shipments were still 31% lower than a year earlier. In the first eight months of 2024, total exports amounted to 29,379 tons, down 11% year-on-year. Analysts at Antaike, a state-backed research firm, expect shipments in September to decline due to the new export controls.
